Lakewood Capital Management LP Invests $9.72 Million in Leggett & Platt, Incorporated $LEG

Lakewood Capital Management LP acquired a new stake in Leggett & Platt, Incorporated (NYSE:LEG) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 830,000 shares of the company’s stock, valued at approximately $9,719,000.

A number of other institutional investors have also recently made changes to their positions in LEG. Royal Bank of Canada lifted its holdings in Leggett & Platt by 59.5% during the 1st quarter. Royal Bank of Canada now owns 47,054 shares of the company’s stock worth $372,000 after buying an additional 17,561 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of Leggett & Platt by 8.4% in the first quarter. Jones Financial Companies Lllp now owns 14,661 shares of the company’s stock worth $116,000 after acquiring an additional 1,132 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Leggett & Platt by 3.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 454,096 shares of the company’s stock worth $3,592,000 after acquiring an additional 13,187 shares during the period. Jane Street Group LLC increased its position in shares of Leggett & Platt by 36.3% during the first quarter. Jane Street Group LLC now owns 1,175,452 shares of the company’s stock worth $9,298,000 after acquiring an additional 312,840 shares during the period. Finally, Acadian Asset Management LLC raised its stake in shares of Leggett & Platt by 113.5% in the first quarter. Acadian Asset Management LLC now owns 109,638 shares of the company’s stock valued at $866,000 after acquiring an additional 58,292 shares in the last quarter. Institutional investors and hedge funds own 64.23% of the company’s stock.

Leggett & Platt Stock Performance

NYSE:LEG opened at $9.40 on Tuesday. Leggett & Platt, Incorporated has a 12 month low of $8.34 and a 12 month high of $13.00. The company has a debt-to-equity ratio of 1.38, a current ratio of 2.35 and a quick ratio of 1.53. The firm has a market capitalization of $1.28 billion, a PE ratio of 6.03 and a beta of 0.73. The business’s fifty day moving average price is $10.60 and its 200 day moving average price is $10.66.

Leggett & Platt (NYSE:LEG) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.13. Leggett & Platt had a net margin of 5.64% and a return on equity of 13.31%. The company had revenue of $999.70 million for the quarter, compared to analysts’ expectations of $982.86 million. During the same quarter last year, the company earned $0.30 earnings per share. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis. On average, sell-side analysts anticipate that Leggett & Platt, Incorporated will post 1.05 earnings per share for the current fiscal year.

Leggett & Platt Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 10th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.1%. Leggett & Platt’s dividend payout ratio (DPR) is currently 12.82%.

Wall Street Analyst Weigh In

LEG has been the subject of a number of recent research reports. Truist Financial decreased their target price on Leggett & Platt from $13.00 to $11.00 and set a “hold” rating for the company in a report on Friday, May 8th. Piper Sandler cut their price target on Leggett & Platt from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, August 12th. Zacks Research raised Leggett & Platt from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 19th. Finally, Weiss Ratings cut Leggett & Platt from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Leggett & Platt currently has an average rating of “Hold” and an average target price of $10.67.

Leggett & Platt Company Profile

Leggett & Platt, Inc is a diversified manufacturer specializing in the design, engineering and production of a wide range of engineered components and products. The company’s offerings span several end markets, including residential bedding, commercial and residential furniture, automotive seating and interiors, aerospace applications and industrial products. By integrating product design with proprietary manufacturing processes, Leggett & Platt serves as a key supplier to both original equipment manufacturers and aftermarket distributors.

The company’s core product lines include coil springs and support systems for mattresses and furniture, adjustable bed mechanisms, engineered components such as extruded and formed metal products, and specialty foam and bedding products.